AUD/USD consolidates gains after touching fresh multi-year high above 0.7660
- AUD/USD is rising for the second straight day on Wednesday.
- USD selloff remains intact into the new year.
- Eyes on mid-tier macroeconomic data releases from the US.
The AUD/USD pair closed in the positive territory on Tuesday and preserved its bullish momentum to touch its highest level since April 2018 at 0.7664 on Wednesday. As of writing, the pair was consolidating its gains near 0.7660, rising 0.72% on a daily basis.
Eyes on US data, Wall Street
In the absence of significant macroeconomic data releases, the risk-positive market environment continues to hurt the greenback. With Wall Street's main indexes renewing all-time highs after the opening bell on Tuesday, the US Dollar Index (DXY) dropped below 90.00 and struggled to stage a meaningful rebound. At the moment, the DXY is down 0.32% at 89.70.
Later in the day, Wholesale Inventories, Goods Trade Balance and Pending Home Sales data will be featured in the US economic docket.
Meanwhile, the S&P 500 Futures are up 0.4% on the day despite the fact that Senate Majority Leader Mitch McConnell blocked Democrats' attempt to increase direct payments to $2,000 from $600. The USD is likely to have a tough time finding demand if Wall Street's main indexes continue to push higher on Wednesday.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
